I have been tracking EURGBP in 5 waves up to the massive 0.8000 resistance mark for a few weeks now. We printed a 0.7982 high today and have since backed off about 30 points to current levels of 0.7952. Recent inflation and confidence data out of the Euro Zone is about bullish as it's been in recent memories, while the Sterling data is growing increasingly poor. Why then go short EURGBP in this situation? Because significant price reversals often occur after 5 clean waves up in a fundamentally strong environment. I am offered at 0.7980 and 0.7990 with stops just above 0.8010. Take profit remains open for now.